BLOCKBUSTER Video - EXP Realty Advisors

BLOCKBUSTER | Corporate Sale-Leaseback | Morristown, TN
1960 W Andrew Johnson Hwy, Morristown, TN
AT WALTERS DR
EXP Realty Advisors and Retail Resource Group as exclusive advisors are pleased to present for
sale a stand alone building, currently owned and 78% occupied by BLOCKBUSTER corporate. Little
Caesars occupies the other 22% of the subject property, currently paying $20+ PSF, NNN; their
lease is up for renewal. Upon close of escrow, BLOCKBSUTER corporate will enter into a brand
new 10-year absolute NNN lease on their current space. This offering provides investors the
unique opportunity of owning net leased real estate, priced well below the building’s
replacement cost, with potential upside.
This location is being sold as a part of a 25 store offering which can be purchased individually
or as a portfolio. For additional information on other available BLOCKBUSTER properties
please visit www.exp1031.com.
IMMEDIATE TRADE AREA
The subject property is strategically located along W Andrew Johnson Hwy (average traffic:
22,000+ cars/day) at a signalized intersection with Walters Drive. W Andrew Johnson Hwy is a
retail thoroughfare in Morristown with many national tenants. Retailers in the immediate trade
area include Home Depot, Lowe’s, Kmart, Food City, CVS, Goodwill, Save-a-lot, Pizza Hut, Long
John Silver’s, Sonic and Applebee’s among others. Also located nearby are Morristown-Hamblen
High School and Manley Elementary School.
MORRISTOWN, TN
Morristown is a city in and the county seat of Hamblen County, Tennessee. A small portion of the
city extends into Jefferson County. As of the 2000 census, the population was 24,965. It is the
principal city of the Morristown, Tennessee Metropolitan Statistical Area, which encompasses all
of Grainger, Hamblen and Jefferson counties. The Morristown metropolitan area is also a part of
the Knoxville-Sevierville-La Follette, TN Combined Statistical Area. The retail market in
Morristown is thriving with a large mall, numerous shopping centers, and a downtown area
currently under revitalization. Morristown is located approximately 35-miles northeast of
Knoxville, TN.
INVESTMENT OVERVIEW
List Price: $778,000
Occupancy: 100%
Projected Rental Rate: $10 + PSF / Year
CAP Rate: 9%
Building Area: 7,000 + SF
BLOCKBUSTER: 5,480 + SF (78%)
Little Caesars*: 1,520 + SF (22%)
Building Price / SF: $111 + PSF
Land Area: 0.93 + Acre
Land Price / SF: $19.22 + PSF
Year Built: 1990
Ownership: Fee Simple
* Little Caesars occupies roughly 22% of total building
BLOCKBUSTER Video
area, currently paying $20 PSF NNN; lease up for renewal.
Buyer to assume Little Caesars lease or lease negotiations.
315 Greenville Blvd. SE, Greenville, NC
BLOCKBUSTER LEASE OVERVIEW
Base Rent: $54,800 / Year
Rental Rate: $10 + PSF / Year
Rent Commencement: Close of Escrow
Primary Term: 10 Years*
Options to Renew: 2, 5-Year
COPYRIGHT © 2010. ALL USE, DISCLOSURE AND/OR REPRODUCTION NOT SPECIFICALLY AUTHORIZED IS PROHIBITED. ALL RIGHTS RESERVED. Retail Real Estate Group dba Retail
Resource Group and EXP Realty Advisors (“Agent”) has presented this confidential Investment Memorandum to assist the recipient in evaluating the “Property” and it is intended for
your use only. This confidential material contains brief, selected information pertaining to the Property and shall not be considered all-inclusive or unchanged since the date of
preparation. No warranty as to the accuracy or completeness is expressed or implied. The information has been received from sources believed to be reliable but is not guaranteed.
Agent disclaims all liabilities in connection with any inaccuracies or incompleteness. The Buyer should independently verify each item of information and have the same reviewed by its
tax advisor and/or legal counsel. The Buyer agrees that (a) the materials are of a highly confidential nature and will be held in the strictest confidence or shall be returned to Agent upon
request; (b) the Buyer shall not contact any property manager, employee or tenant of the Property regarding the enclosed materials or the Property, without prior approval of Agent;
and (c) the Buyer understands and agrees that Agent represents the seller and not the Buyer. Neither the seller nor Agent shall have any obligation to pay any commission, finder’s fee,
or other compensation to any broker or other person dealing with the Buyer. The Buyer may provide information to persons retained for the purpose of evaluating the Property after
first obtaining a signed confidentiality agreement from such persons to keep such information confidential. The Buyer shall defend, indemnify and hold harmless the seller, Agent and its
affiliates from and against any claims, demands, This information damages, liabilities, has been costs obtained or expenses, from sources including deemed reasonable reliable, attorneys’ however fees, neither relating EXP to any Realty claim for Advisors, a commission, Inc. nor finder’s Retail fee Resource or other Group guarantee, warranty or represent its accuracy.
compensation by any broker or other person dealing with the Buyer. The Property is being sold on an “as-is, where-is” and “with all faults” basis.
Rent Increases: 10% Every 5 Yrs.
Tenant: BLOCKBUSTER Inc.
Lease Type: Absolute NNN
* Tenant has a right to terminate their lease after year 5.